It’s Friday the 13th. Think I’ll stay home today. So must the dollar. No matter how much competitive valuation pressure we hear the dollar wants to fall. Tuesday, China said, somewhat begrudgingly, that she would allow the Yuan to rise. As you know the Yuan is now pegged to the US currency. This was probably in response to pressure from China’s Asian neighbours (Thou Shalt Not Beggar Thy Neighbour). The Euro Union leaders have also felt the pain of a jointly weaker dollar and Yuan. Time will tell if the Chinese are serious about the floating the Yuan. Today once again the dollar is weaker – across the board. This is good for Dennis Gartman’s “things that hurt when they fall on your feet.”
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